Highlights
LaSalle Bank, the Chicago area's second-biggest bank in deposit market share, was bought by Bank of America Corp., the nation's second-biggest bank, on Oct. 1, 2007. Not since the 2004 acquisition of Bank One by JPMorgan Chase has there been the promise of so much churn on the Chicago banking landscape. Although LaSalle had long been owned by a Dutch company, ABN Amro, the purchase by Bank of America meant the end of the LaSalle name, which has a 67-year tradition in Chicago. Overnight, the deal made Bank of America -- previously not among Chicago's 10 biggest banks -- the leading financial institution in the Windy City, narrowly edging out Chase. Bank of America has said it plans to cut 2,5...
LaSalle Bank, the Chicago area's second-biggest bank in deposit market share, was bought by Bank of America Corp., the nation's second-biggest bank, on Oct. 1, 2007. Not since the 2004 acquisition of Bank One by JPMorgan Chase has there been the promise of so much churn on the Chicago banking landscape. Although LaSalle had long been owned by a Dutch company, ABN Amro, the purchase by Bank of America meant the end of the LaSalle name, which has a 67-year tradition in Chicago. Overnight, the deal made Bank of America -- previously not among Chicago's 10 biggest banks -- the leading financial institution in the Windy City, narrowly edging out Chase. Bank of America has said it plans to cut 2,500 Illinois jobs in the wake of its purchase of LaSalle. Other banks have sought to take advantage of the upheaval by hiring former LaSalle workers and by trying to position themselves as Chicago's pre-eminent middle-market commercial bank, a status that had been previously enjoyed by LaSalle. For its part, Bank of America has said it plans to aggressively compete for customers across all business lines in both Chicago and Michigan, another LaSalle stronghold.
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Wachovia buy makes Citigroup No. 3 U.S. branch network
Citigroup Inc.'s rescue of Wachovia Corp. and its banking operations yesterday creates the third-biggest U.S. branch network while aiding regulators seeking to prop up confidence in financial institutions. The purchase gives Citigroup about 4,300 U.S....Tags: J.P. Morgan Chase & Co., Countrywide Financial Corp., Citigroup Incorporated, Banking, Stock Broking
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Chase expects to close branches in Illinois as it absorbs WaMu
Tribune staff reporterJPMorgan Chase & Co. acknowledged on Friday that Illinois is among the states where it's likely to close branches due to its overlap with newly acquired Washington Mutual Inc. "There are some geographies where we overlap each other," including Illinois,...Tags: J.P. Morgan Chase & Co., Washington Mutual Inc., Corporate Performance, Wine, Beer, and Spirits, Bank of America Corp.
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Cubs lead Sox in display of team spirit on accounts
In this subway series, the score is Chicago Cubs 8,523, Chicago White Sox 4,339.
The numbers reflect sales of Bank of America Corp.'s MyExpression products, which allow customers to show their loyalty to their favorite charity, school, professional group...Tags: Investments, Baseball, St. Louis Cardinals, Chicago Cubs, New York Mets
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Big names on list of new Taylor Capital investors
A former Federal Reserve Bank of Chicago chief executive, a former MB Financial Inc. bigwig and several private-equity managers and firms are among the new financial backers of TaylorCapital Group Inc. The Rosemont-based parent of Cole Taylor Bank...Tags: Investments, Baseball, Federal Reserve, Lehman Brothers Holdings Incorporated, MB Financial Incorporated
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BofA chief must master change
Chicago Tribune correspondentFor the seven years that Kenneth Lewis has run Bank of America Corp., he has predicted commercial banks such as his would triumph over investment banks like Lehman Brothers Holdings Inc. and Merrill Lynch & Co. He never could have guessed it would...Tags: Investments, Countrywide Financial Corp., Federal Reserve, Northwestern University, Merrill Lynch & Company Inc.
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Transactions
This listing represents real-estate transactions valued at $310,000 or more. Smaller transactions can be found online at OrlandoSentinel.com in the Public Records section. ORANGE MONTGOMERY AND BETH STUDEBAKER to Christian S. Couch, Sept. 5,...Tags: Seminole County, Rivers, Nottingham, Lancaster (Lancaster, Virginia), Sweetwater
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Executive shifting to consultant role
Jeffrey Taylor, part of the family that has run Rosemont-based Taylor Capital Group Inc. for three generations, will leave his executive managing director job at the parent of Cole Taylor Bank and become a consultant for the $3.72 billion-asset bank...Tags: Taylor Capital Group Incorporated
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Florida deals singe area banks
The Florida real estate market is burning some Chicago-area banks. Palatine-based First Bank and Trust Co. of Illinois, which bills itself as "Chicago's Step Ahead Bank," is suing two Florida developers in Broward County, claiming that a $7.8 million...Tags: Corus Group Plc, Chicago, Palatine, Broward County, Lincoln Park
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BofA to assimilate LaSalle customers
Next month, Bank of America Corp. will face another test in its acquisition of LaSalle Bank's retail operations. Existing accounts at what had been the Chicago area's second-biggest deposit gatherer will be moved to BofA on Oct. 20, as the two...Tags: J.P. Morgan Chase & Co., Mergers, Acquisitions and Takeovers, Bank of America Corp., Michigan
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Investor group hopes to buy at least 10% of Taylor Capital
Chicago Tribune reporterA group of investors led by Harrison Steans said it will seek permission from the Federal Reserve to acquire at least 10 percent of Taylor Capital Group Inc., a Rosemont-based bank that is publicly traded but run by the Taylor family. As it reported a...Tags: Federal Reserve, Stocks, Taylor Capital Group Incorporated, Illinois, Stock Activities
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Man allegedly forged check to buy rare Spider-Man comic
A Des Plaines man has been indicted on charges that he used a forged check to buy a rare 1963 Spider-Man comic book from a Naperville store for $980. Scott Meherg, 27, of the 9100 block of Hollyberry Avenue, was indicted Tuesday by a DuPage County...Tags: Naperville, Spider-Man, Des Plaines
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Woman charged in baby death pleads guilty to 2 bank heists
A former Lake in the Hills woman accused of killing her newborn pleaded guilty Friday to the armed robbery of two banks last year, federal authorities said. Lyndsey R. Tucker also faces involuntary manslaughter and concealment of a homicide charges for...Tags: Trials, Prosecution, Theft, Crimes, Bank Robbery
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